| Year End | 31 December |
| Accounts Published | April |
| Annual General Meeting | June |
| Dividend Paid | May |
CEIBA Investments Limited
Investing in real estate and other real assets in Cuba
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Latest news
An update from our investment manager, Sebastiaan Berger
Although Cuba is not escaping the impact of the COVID-19 pandemic (with some 170 plus confirmed cases and 4 deaths as at 1 April 2020), so far it is playing a remarkably positive role in the global health crisis. On 18 March 2020, Cuba allowed the British cruise ship, the MS Braemar, with at least five confirmed cases of coronavirus on board and 52 other passengers with symptoms, to dock at the Cuban port of Mariel and allow its 600, mainly British, passengers to board flights to the United Kingdom the same day. In addition, Cuba has sent hundreds of doctors to Italy, Brazil, Jamaica, Belize and other hard-hit countries, and the Cuban drug known as "Recombinant Human Interferon Alpha 2B" seems so far to be one of the more effective weapons against the COVID-19 virus. On 20 March 2020, Cuba announced a set of measures aimed at controlling the spread of COVID-19 within its national territory, which included border restrictions, and stopping the entry of tourists.
Through the first two months of the current financial year there was no material COVID-19 impact on its operations, trading and investments. However, as of March 2020 hotel reservations for the year started to be affected by cancellations and decreasing flights to the Cuba, and the construction of the 400 room hotel in Trinidad, Cuba, experienced delays resulting from reduced construction imports from Europe.
As a direct result of the measures announced by the Cuban government on 20 March 2020, Miramar, the Cuban joint venture company in which CEIBA has a 32.5% interest, which owns and operates one hotel in Havana and three hotels in Varadero, is temporarily closing its hotels and substantially decreasing its workforce. Miramar has no debt financing and a healthy cash balance which allows Miramar to operate without income for an extended period of time. The operations of Monte Barreto, the owner and operator of the Miramar Trade Centre office complex in which the Company has a 49% interest, do not appear to be materially impacted.. Monte Barreto has no debt financing and a cash balance which would allow it to operate without income for an extended period of time if it were to become necessary.
The balance sheet of the Company itself is strong and remains debt free and the operational Cuban joint venture companies in which it holds interests are well positioned to navigate the COVID-19 pandemic, however to support our joint ventures through this pandemic, the board has taken the decision to change the Company's dividend policy and not to declare a year-end dividend in respect of the 2019 financial year. The Company expects to issue its results for the year ended 31 December 2019 towards the end of April 2020 and not to seek temporary relief as offered by the Financial Conduct Authority.
Key People
Sebastiaan Berger
Lead Manager
Sebastiaan A.C. Berger is a Dutch trained lawyer who has resided in Cuba since 1996. He has been assisting foreign investors in Cuba since 1996, first as founder of the Havana office of an international law firm, then as a founding partner of Berger, Young and Associates (1998). He has been the lead investment manager of CEIBA Investments Limited and Representative of the Havana Office of CEIBA Property Corporation Ltd. (CEIBA) since 2002.
Stephen Coltman
Senior Investment Manager
Stephen Coltman is a Senior Investment Manager within the Alternative Investment Strategies division at ASI. Stephen has extensive experience investing across both public and private markets and spent the majority of his formative years based in Latin America, including a 3 year period in Cuba during the 90s. Stephen is a CFA charterholder.*
* CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute
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Sebastiaan Berger
Lead Manager
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Stephen Coltman
Senior Investment Manager
Stephen Coltman is a Senior Investment Manager within the Alternative Investment Strategies division at ASI. Stephen has extensive experience investing across both public and private markets and spent the majority of his formative years based in Latin America, including a 3 year period in Cuba during the 90s. Stephen is a CFA charterholder.*
* CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute
John Herring
Chairman
John qualified as a Chartered Accountant in 1982. In 1986, John joined the corporate finance department of Kleinwort Benson, where he was involved in the IPOs on the LSE for several companies. In 1996 he established his own private equity advisory business and joined the boards of a number of public and private companies including JD Wetherspoon plc where he became deputy chairman and served as a non-executive director for 14 years. He is currently the non-executive chairman of the Edinburgh Woollen Mill Group Limited. John acts as a Consultant to Northview Investment Fund Limited which currently owns 32,150,544 Ordinary Shares representing 29.86 per cent. of the existing issued share capital of the Company.
Trevor Bowen
Non-Executive Director
Experienced director with over 30 years’ experience spanning across a variety of industries. Trevor spent 11 years as a partner of KPMG and 17 years managing U2 and other artists. Trevor has acted as a non-executive director on a number of boards, most notably a director on the board of Ulster Bank for 9 years, which included 6 years as the chairman of the Banks audit committee. He is an Irish national and a Qualified Chartered Accountant.
Keith Corbin
Non-Executive Director
Principal and executive chairman of Nerine International Holdings Limited, a network of trust and fiduciary services companies with operations in Guernsey, British Virgin Islands, Hong Kong, India, and Switzerland and serves as a director of a number of regulated financial services companies. He is also the senior independent non-executive director of HarbourVest Global Private Equity Limited, a FTSE 250 company. Keith is an Associate of Chartered Institute of Bankers (ACIB) and a Member of the Society of Trust and Estate Practitioners (STEP).
Peter Cornell
Senior Independent Director
Peter is a founding partner of Metric Capital, a pan-European special situations fund. He is a non-executive Director of F&C Commercial Property Trust Limited and a member of the International Advisory Board of the Madrid Business School. Previously he was Global Managing Partner of Clifford Chance until 2006. During his 36 year tenure with Clifford Chance his roles included managing partner for Spain and Continental Europe. He then became managing director of Terra Firma, a European private equity firm until 2011. Peter holds a BA (Hons) in Economics and History.
Colin Kingsnorth
Non-Executive Director
Colin is a partner and director of Laxey Partners Limited, a UK-based active value investment firm focusing on closed-end funds and property investments. Colin previously worked for Robert Fleming Asset Management, headed the investment trust research at Olliff & Partners and managed the emerging markets fund of Buchanan Partners Limited. In 1995, Colin co-founded Regent Kingpin Capital Management. In 1997, he founded Laxey Partners Ltd with Andrew Pegge. Since then Laxey Partners Ltd has become a prominent active value investor focusing on closed-end funds and property investments. Colin holds a BSc in Economics and is a CFA Charterholder.
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John Herring
Chairman
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Trevor Bowen
Non-Executive Director
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Keith Corbin
Non-Executive Director
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Peter Cornell
Senior Independent Director
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Colin Kingsnorth
Non-Executive Director
Financial calendar
Company Details
CEIBA Investments Limited
Registered Office:
Dorey Court,
Admiral Park,
St Peter Port
Guernsey
GY1 2HT
The Company was incorporated in Guernsey as a non-cellular company limited by shares on 10 October 1995 under registration number 30083. It was admitted to the Specialist Fund Segment of the Main Market of the London Stock Exchange on 22 October 2018.
The Company is a Registered Closed-ended Collective Scheme pursuant to The Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended, and the Registered Collective Investment Schemes Rules 2015 issued by the Commission. The Company operates under the Companies Law and ordinances and regulations made thereunder.
The Company is a country fund with a primary focus on Cuban real estate assets.
The Company will seek to deliver the investment objective primarily through investment in, and management of, a portfolio of Cuban real estate assets, with a focus on the tourism-related and commercial property sectors. Cuban real estate assets may also include infrastructure, industrial, retail, logistics, residential and mixed-use assets (including development projects). The Company may also invest in any type of financial instrument or facility secured by Cuba related cash flows or other receivables.
In addition, subject to the investment restrictions set out below, the Company may invest in other Cuba-related businesses, where such are considered by the Investment Manager to be complementary to the Company’s core portfolio (“Other Cuban Assets”). Other Cuban Assets may include, but are not limited to, Cuba related businesses in the construction or construction supply, logistics, energy, technology, and light or heavy industrial sectors.
Investments may be made through equity, debt or a combination of both.
Risk Warning
Risk warning
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Investors should review the relevant Key Information Document (KID) brochure prior to making an investment decision. Read the detailed risk warning
Investor warning: Please be aware of scams that can affect investors. Read the full investor risk warning
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Investors should review the relevant Key Information Document (KID) brochure prior to making an investment decision. Read the detailed risk warning
Investor warning: Please be aware of scams that can affect investors. Read the full investor risk warning